WASHINGTON The Farm Credit Administration is expected to issue its controversial national charter plan as a proposed rule Thursday.
The proposal has been revised to take into consideration the more than 1,000 comments the agency received on guidance it published July 20 in the Federal Register, an agency spokeswoman said. She did not say what the revisions were.
Banks opposed the original plan because it would give the 158 tax-exempt lenders the agency supervises a competitive advantage by allowing them to lend nationwide instead of in limited geographic areas.
Under the earlier proposal, the agency intended to start issuing national charter approvals Jan. 1. But those plans were put on hold after legislators, the Treasury Department, and the General Accounting Office criticized the agency for not following the appropriate regulatory procedures.